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Which of the following item will not appear on the balance sheet of a service business?
Select one:
a. Inventory
b. Cash
c. Accounts Payable
d. Accounts Receivable
Which of the following items will not appear on the balance sheet of merchandising business?
Select one:
a. Accounts Receivable
b. Accounts Payable
c. Cash
d. Work In Progress
True or False: The periodic inventory system is the most commonly used inventory system.
Select one:
True
False
Purchased food inventory on January 1, 2016 at a cost of $10,000 on account."
Select one:
a. Debit Inventory-Food; Credit Accounts Payable
b. Debit Cost of Sales; Credit Accounts Payable
c. Debit Accounts Payable; Credit Inventory-Food
d. Debit Account Receivable; Credit Inventory-Food
Which of the following is not considered a non operating expense?
Select one:
a. Insurance
b. Rent
c. Property and Other Taxes
d. Cost of Sales
Answer & Explanation
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